---
schema_version: "secwatch.filing_event.v1"
accession: "0001679788-23-000071"
form_type: "8-K"
ticker: "COIN"
cik: "0001679788"
company_name: "Coinbase Global, Inc."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T22:19:35.286706+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Coinbase Q1 net loss $79M, Adj EBITDA $284M, revenue up 22% Q/Q

## Summary
- Net revenue $736M (+22% Q/Q); total revenue $773M; net loss narrowed from $124M Q4 to $79M.
- Subscription and services revenue $362M (+28% Q/Q); interest income $241M, USDC income $199M.
- Total operating expenses $896M (-24% Q/Q), including $144M restructuring; FTEs cut to 3,535.
- Guidance: FY2023 Adj EBITDA to improve vs 2022; Q2 subscription revenue to decline on lower USDC market cap.
- Received SEC Wells Notice; advocates for clear crypto regulation; launched international exchange.

## SEC filing metadata
- accession: 0001679788-23-000071
- form_type: 8-K
- ticker: COIN
- cik: 0001679788
- company_name: Coinbase Global, Inc.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1679788/000167978823000071/0001679788-23-000071-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1679788/000167978823000071/coin-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001679788-23-000071
- JSON: https://secwatch.observer/filing/0001679788-23-000071.json
- Plain text: https://secwatch.observer/filing/0001679788-23-000071.txt

## Key facts
- Earnings Releases
  Coinbase Global, Inc. reported the quarter ended March 31, 2023 results: revenue Net revenue grew 22% Q/Q to $736 million, net income Net loss was $79 million. Guidance reaffirmed.
  - Period: the quarter ended March 31, 2023
  - Revenue: Net revenue grew 22% Q/Q to $736 million
  - Net income: Net loss was $79 million
  - Guidance: reaffirmed
  - Result: reported results
  source text: operational excellence and risk management, and continue to drive product innovation and regulatory clarity. Our efforts are showing meaningful progress. In Q1, net revenue grew 22% Q/Q and total operating expenses declined 24% Q/Q, resulting in a net loss of $79 million but a return to positive Adjusted EBITDA of $284 million. Our teams are smaller, but
  evidence_url: https://www.sec.gov/Archives/edgar/data/1679788/000167978823000071/0001679788-23-000071-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.